Decentralized Cloud Computing Altcoin Skyrockets in Price Following Successful Mainnet Upgrade
A decentralized cloud computing altcoin has experienced a significant surge in price, climbing by 44% after the completion of its successful mainnet upgrade on May 2nd.
Akash Network (AKT), which is currently trading at $5.76, saw its price rise from approximately $4.00 prior to the rollout of its “Mainnet 11” version earlier this month. Moreover, the cryptocurrency, ranked 73rd in terms of market capitalization, has recorded an impressive increase of nearly 35% in the past week alone.
Akash Network serves as a decentralized open-source cloud network that supports various applications, including decentralized finance (DeFi) platforms, machine learning, blockchains, and artificial intelligence (AI). The recent upgrade has enhanced the management and tracking of authorized AKT, simplifying the grant process for deployments.
During the first quarter of this year, Akash Network experienced substantial ecosystem growth, generating over $140,000 in revenue. Comparatively, it earned $100,000 in Q4 of the previous year and less than $20,000 in Q3. Blockchain research firm House of Chimera attributes this growth to increasing interest in DePin (decentralized physical infrastructure) and a rising demand from developers, resulting in higher usage of AKT.
Although AKT has witnessed significant gains recently, it is still down by almost 29% from its all-time high of $8.07, reached in April 2021, according to CoinGecko.
In conclusion, the successful mainnet upgrade of Akash Network has propelled its price to new heights, marking a positive trend for the altcoin.